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Gold (0.24%) and silver (0.82%) have both moved higher this morning ahead of the start of the new trading week. gold finished last week marginally higher and gapped up at the open on to pare some of those gains and trade at $1784.92/oz. Copper and oil have also had a good start to the week moving up 0.52% and 1.97% respectively.
Over in the Asia Pac area, the risk sentiment was positive overnight. The Nikkei 225 (1.78%), ASX (0.39%), and Shanghai Composite (1.43%) all traded in the black. Futures in Europe are pointing towards a positive cash open.
In the FX market, the dollar index has fallen 0.09% and the biggest mover is USD/CAD which lost 0.44% overnight. In the crypto space, BTC/USD just broke $50k to reach the highest level in 100 days.
Looking at the major news stories from the weekend and overnight, Fed's Kaplan stated that if the delta variant would be persistent or start to affect demand the Fed would have to adjust their policy views.
The Chinese Commerce Minister says the country may face a more complicated foreign trade situation next year.
New Zealand's PM Ardern says nationwide lockdown extended until midnight on Friday.
RBNZ Chief Economist Ha says there is no pressure to act on monetary policy.
Sweden’s Prime Minister Stefan Lofven said that he will end his seven-year term in November and step down as the leader of the Social Democrats.
UK PM Johnson will apparently personally ask US President Biden for a delay to the withdrawal of US forces from Afghanistan.
PayPal will allow customers in the UK to buy, sell and hold bitcoin, other cryptocurrencies, starting this week
Australia preliminary PMIs August: manufacturing 51.7 (from prior 56.9.
In the rest of the session we will be looking out for manufacturing PMI's from the major nations and U.S. existing home sales.
By Rajan Dhall
For Kitco News
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